Marum Resources boosts financing to $420,000
2009-01-26 18:57 ET - News Release
An anonymous director reports
MARUM ANNOUNCES INCREASE TO PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT OFFERING
Marum Resources Inc. has increased its non-brokered private placement offering, previously detailed in Stockwatch on Jan. 9, 2009, by up to $105,000, and now anticipates offering up to six million units at a price of seven cents per unit, for gross proceeds of up to $420,000.
Each unit will comprise one common share of the company and one share purchase warrant. Each warrant will entitle the holder to purchase one share at a price of 13 cents per share for a period of 36 months from the date the warrant is issued.
The shares issued pursuant to the offering will be subject to a four-month hold from the date of closing. Closing, previously scheduled to occur on or before Jan. 30, 2009, has been rescheduled to Feb. 25, 2009.
Insiders of the company are expected to subscribe for up to 80 per cent of the offering. Pursuant to the policies of the TSX Venture Exchange, the sale of units to these insiders constitutes a related-party transaction, as defined in Multilateral Instrument 61-101, entitled, "Protection of minority securityholders in special transactions." The transaction, however, will be exempt from applicable formal valuation and minority shareholder approval requirements as the fair market value of the units does not exceed 25 per cent of the market capitalization of the company.
No fees or commissions shall be payable in connection with this placement.
The net proceeds from the offering will be used to explore the company's gold properties and for general corporate purposes.
The offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
